Real Estate Information

Effective April 1, 2012, landlords are required to install carbon monoxide detectors (alarms) to existing units "when alterations, repairs or additions requiring a permit occur, or when one or more sleeping rooms are added or created". 

WAC 51-51-0315 Section R315 - Carbon Monoxide Alarms

R315.1 Carbon Monoxide Alarms. For new construction, an approved carbon monoxide alarm shall be installed outside of each separate sleeping area in the immediate vicinity of the bedrooms in dwelling units and on each level of the dwelling and in accordance with the manufacturer's recommendations.

R315.2 Existing Dwellings. Existing dwellings shall be equipped with carbon monoxide alarms when alterations, repairs or additions requiring a permit occur, or when one or more sleeping rooms are added or created.

 EXCEPTIONS:

R315.3 Alarm Requirements. Single station carbon monoxide alarms shall be listed as complying with UL 2034 and shall be installed in accordance with this code and the manufacturer's installation instructions.

Which homes are the best deals?  ALL buyers want the best deal out there. Many think that the Short Sales (SS) are the best deals because these are the most desperate of sellers.  But this just isnt true.  Most Short Sales are NOT the best deals.  Many SS are the best because they have no control over which offer will be accepted by the bank and the bank is still hoping to get their money owed on the property.  Also the people evaluating the offers are generally in some other state and have no idea of the local real estate market.  These sellers are usually trying to delay the foreclosure process by listing their home and staying in it free of charge.  Sure they are desperate sellers but they have they no control. SS also take anywhere from 1-6 months to even get a response to an offer and by that time the buyers have either given up or found something else.

Foreclosures are good deals if you have the ability to buy at auction and you have evaluated the property and can convince the bank to accept below market value. 

Normal resale homes are those homes that the seller has equity in.  These homes are generally in the best condition and are listed for market value.  These may not be the cheapest homes but they are usually good value considering condition and ability to close in a timely manner.

Bank owned properties are actually the best deals out there.  The bank has already foreclosed and the house is sitting there vacant while the bank is paying utilities, taxes and maintenance.  The bank has already lost their money and now they just need to recover as much as they can as fast as they can.  Most banks will list their properties for a price that is going to get it sold in under 120 days.

Talk to your real estate agent about what your goals are and how to best reach those goals.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.